Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Crosses Below 200-Day Moving Average – Here’s Why

Reaves Utility Income Fund (NYSEAMERICAN:UTG)’s stock price crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $40.64 and traded as low as $38.52. Reaves Utility Income Fund shares last traded at $38.65, with a volume of 275,622 shares changing hands.

Reaves Utility Income Fund Trading Down 0.5%

The business’s 50-day moving average price is $40.06 and its 200 day moving average price is $40.62.

Reaves Utility Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Thursday, September 17th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, September 17th. This represents a c) annualized dividend and a yield of 6.6%.

Hedge Funds Weigh In On Reaves Utility Income Fund

A number of institutional investors have recently added to or reduced their stakes in the business. Nabity Jensen Investment Management Inc purchased a new stake in shares of Reaves Utility Income Fund in the 2nd quarter valued at about $205,000. NWF Advisory Services Inc. increased its position in shares of Reaves Utility Income Fund by 39.2% in the second quarter. NWF Advisory Services Inc. now owns 69,225 shares of the closed-end fund’s stock worth $2,819,000 after purchasing an additional 19,502 shares during the last quarter. Compass Financial Management LLC purchased a new stake in Reaves Utility Income Fund in the second quarter valued at approximately $110,000. Walker Asset Management LLC purchased a new stake in Reaves Utility Income Fund in the second quarter valued at approximately $210,000. Finally, Abound Wealth Management bought a new stake in Reaves Utility Income Fund during the second quarter valued at approximately $32,000.

Reaves Utility Income Fund Company Profile

Reaves Utility Income Fund (NYSE American: UTG) is a closed-end management investment company organized as a Delaware statutory trust. Since commencing operations in 1994, the fund’s primary objective has been to provide its shareholders with a high level of current income and the potential for capital appreciation. It does so by investing in a diversified portfolio of income-producing securities within the utilities sector.

The fund typically allocates its assets across common stocks, preferred stocks, corporate debt securities, convertible securities, rights, warrants and depositary receipts of regulated utility companies.